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Crypto analyst and strategist Credible Crypto highlighted that Bitcoin has prepared to rise by imitating its strong rally at the beginning of the year, where it gained approximately 30% within about a month, according to a view.
Bullish Engulfing Candle Burned on the Price Chart
Anonymous crypto analyst and strategist Credible Crypto said that Bitcoin’s current situation seems similar to the market structure in June, where it rose from around $25,000, the bottom level, to its highest level of the year at $31,850. According to the analyst, Bitcoin will likely enter consolidation, just like it did about three months ago after its last rally.
Credible Crypto’s comment came after Bitcoin’s strong performance last week. According to the analyst, Bitcoin confirmed a technical formation called a bullish engulfing candle, which could indicate the beginning of an upward trend:
The weekly candle on BTC closed. Bullish engulfing candle confirmed. Remember, what makes me so optimistic is not only this candle alone but also the context surrounding this proximity.
Explaining the Significance of the Bullish Engulfing Candle
The crypto analyst also emphasized the significance of the weekly candle that indicates an upward trend. Credible Crypto stated that the candle carries more weight after the bulls managed to maintain an important support level:
The bullish engulfing candle is not that impressive on its own; you realize how important it is when you look at it in context. So, after four consecutive red candles, we STILL haven’t broken the bullish market structure at $24,800.
Overall, we traded sideways and now we have a bullish engulfing candle on the weekly timeframe, signaling a potential upward move, indicating an upward trend. When you put it all together, you can see that it is much more than just a simple bullish candle.
